The Globe and Mail reports in its Friday, Dec. 5, edition that Raymond James analyst Steven Li has elevated his recommendation for Descartes Systems Group to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Li continues to target the shares at $118 (all figures U.S.). Analysts on average target the shares at $115.80. Mr. Li issued his upgrade following the post-market release of Descartes's third quarter results on Wednesday. Mr. Li says in a note: "Small upside in Q3, but with services organic growth rebounding to 7 per cent at cc (overall organic still anemic at 2 per cent on difficult hardware and PS compares). This is despite transactional revenues still struggling (tied to economic activity). We think this bodes well for when and as freight markets recover (e.g. Black Friday Cyber Monday had good numbers). In the meantime, A-EBITDA margins reached new highs 46 per cent with 86 per cent CFO conversion and Descartes shares are trading close to the bottom of their 10-year EBITDA multiple range. No change to our target price but we are moving this compounder to an 'outperform.'"